Economy

Traditionally, Jersey's economy has been centred around agriculture, fishing and knitwear. Today, it's finance that dominates, providing 50% of GDP and 60% of Government tax income.

The Finance Industry

The Island's low rate of income tax (20%) has attracted high net-worth individuals since Napoleonic times. However, the finance industry has only properly existed in Jersey since 1962, when a law that had capped interest rates at 5% was abolished.

In the years that followed, financial institutions were drawn to the Island by its stable government, proximity to both the UK and continental Europe and low taxes. Jersey is now an international financial centre, with 45 banks and over 33,000 registered companies. More than £187 billion deposited in the Island at any one time - 68% in foreign currency.

Please visit the links below for more information on financial matters.

Jersey Financial Services Commission
www.jerseyfsc.org

Jersey Finance
www.jerseyfinance.je

Tourism

Tourism is also very important to Jersey, accounting for about 25% of all Island GDP - though revenue is not the only benefit. It also allows the Island to enjoy a higher level of communication services than it might otherwise receive.

In 2008, over 729,700 people visited Jersey, spending approximately £238 million. Of these, 80% came from the UK, 10% from Germany and France, 4% from other Channel Islands and the remainder from the rest of the world.

And for the visitor, there are approximately 136 registered accommodation establishments on the Island generating about 11,011 bed spaces, plus four campsites for 1,050 persons. The tourism sector contributes about £10 million in direct tax revenue and supports 7,250 jobs.

Agriculture

Agriculture provides 5% of the Island's GDP. Among the major exports are a range of dairy products associated with the iconic Jersey cow, the world-famous Jersey Royal potatoes and a wide variety of market garden crops and flowers.